Buying Online Insurance In India – Myths Vs Facts

Many of us are still sceptical when it comes to buying insurance. The apprehension increases even further if the buying is via an online medium. Why are we still unconvinced to purchase a life insurance policy through a fairly simple online method? There are many misconceptions that are associated with online buying. Let’s look at some of those prevailing myths about online life insurance:

• Myth 1 – There is zero personal assistance 
  Fact: It is one of the major and most popular misconceptions. However, the fact is that most of the insurance companies do have the option of constant online assistance. From information about the plan to clarifications on a clause, you can have real-time assistance through a live online chat or toll-free number call.
• Myth 2 – Online buying is a complicated process 
  Fact: Buying insurance online involves a comparatively simple process. All you are required to do is to have your documents ready and within your reach! Once you login, select a suitable policy, fill the form and submit the documents. If a medical examination is required, you will be informed and the process will be taken further. The freedom to buy from anywhere, anytime, gives you flexibility, something which is difficult to attain through an offline purchase.
• Myth 3 – One needs to be net-smart 
  Fact: One only needs to be internet literate for buying an online insurance plan. If you are aware of the basic functioning of a computer and internet then you can buy an insurance policy without any difficulty.
• Myth 4 – Online Buying is Costlier 
  Fact: On the contrary, buying an online plan is cost-effective. As there is no involvement of agents and lesser infrastructure costs, the online plans have reduced rates when compared to offline plans.
• Myth 5 – Claim settlement process is difficult for online policies 
  Fact: There is a common perception that the process involved in the claim settlement for an online policy is more complicated. However, in reality, there is absolutely no difference between the claim settlements in an online or an offline policy.
• Myth 6 – Choices are limited for online insurance plans 
  Fact: On an online platform, you have the complete freedom to cross check and compare as many insurance plans as you wish to. You can do detailed research on each plan and choose the one which suits you in the best possible way.
• Myth 7 – It is unsafe to share information online 
  Fact: As the websites of insurance companies are hosted on a SSL certified server, you need not worry about the misuse of your personal information. The server facilitates the security of personal data as well as financial transactions.